Federal Mortgage Bank of Nigeria
FMBN
About
The Federal Mortgage Bank of Nigeria is a federal agency founded by the Federal Government of Nigeria to expand access to housing finance. It is regarded as the apex mortgage finance institution in the country and regulates the activities of primary mortgage loan originators. The bank was set up to meet the housing needs of Nigerian citizens and to provide long term financing to home buyers, building material firms and mortgage financial institutions. It also manages the National Housing Fund, which was created to mobilize funds for the development of the mortgage sector.
History
The Federal Mortgage Bank of Nigeria was founded in 1977 to replace the Nigerian Building Society, which had been founded in 1956. The law founding the bank took effect in January 1977, and the bank inherited the assets of the previous building society following its dissolution. Between 1978 and 1985 it was the only mortgage institution in Nigeria. In 1989, under the administration of Ibrahim Babangida, the housing finance sector was liberalized and opportunities opened for retail oriented primary mortgage institutions. The bank became the regulator of primary mortgage originators, and its primary mortgage lending activities were taken over by the Federal Mortgage Finance Company of Nigeria. The government also established the National Housing Fund, which included a mandatory contribution scheme.
Key Facts
Established
1977
Abbreviation
FMBN